Why Oracle, CoreWeave, Credo, and Other Top Tech Stocks Surged This Week
Key Points
The prospect of peace in the Middle East drove investors to rotate back into growth stocks.
AI-related tech suppliers led the gains.
- 10 stocks we like better than CoreWeave ›
Oil prices fell this week as peace talks between the U.S. and Iran reportedly progressed.
Investors became less fearful that events in the Middle East would push the economy into a recession, so they turned their attention back to investable trends such as artificial intelligence (AI).
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Here's how some of the top tech stocks performed:
- Credo Technology (NASDAQ: CRDO), up 34%
- Oracle (NYSE: ORCL), up 27%
- CoreWeave (NASDAQ: CRWV), up 15%
Image source: Getty Images.
Credo Technology sees the light
Credo made a big move to expand its silicon photonics business on Monday. The supplier of high-speed cables and other connectivity solutions used in artificial intelligence (AI) data centers reached an agreement to acquire DustPhotonics, a developer of semiconductor chips that use light rather than electricity to accelerate data transfers.
Credo's management expects the deal to help its optical revenue rise to over $500 million by fiscal 2027.
Oracle's cloud gains
Oracle expanded its partnership with Bloom Energy on Monday to include a 1.2-gigawatt (GW) fuel cell contract that will power Oracle's cloud data centers. Oracle also holds a warrant giving it the right to purchase more than 3.5 million shares of Bloom's stock, which surged in value following news of the fuel cell supply agreement.
And on Thursday, Oracle said it would work with Amazon Web Services to more seamlessly integrate its AI database workloads and other cloud applications. The collaboration between these two tech titans should bolster Oracle's position as a leading provider of cross-cloud solutions. Oracle's multicloud database revenue rose by a whopping 531% in the quarter ended Feb. 28.
AI leaders want CoreWeave's compute
On April 9, CoreWeave struck a $21 billion deal to supply Meta Platforms with AI cloud computing capacity through December 2032. And on April 10, CoreWeave announced another multiyear compute supply deal to support Anthropic's Claude AI model development efforts.
News of these deals led several Wall Street analysts to lift their price forecasts for the AI infrastructure provider's shares this past week, helping to drive CoreWeave's stock higher.
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Joe Tenebruso has positions in Amazon. The Motley Fool has positions in and recommends Amazon, Bloom Energy, Meta Platforms, and Oracle. The Motley Fool has a disclosure policy.
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